SEOUL, March 4 (Korea Bizwire) – South Korea’s policy lender Korea Development Bank (KDB) has established a partnership with an asset management affiliate of the World Bank Group to jointly develop new investment opportunities in Asia, the bank said Friday. A memorandum of understanding for a business partnership between the KDB and the International Financial [...]
SEOUL, March 4 (Korea Bizwire) – Samsung Electronics Co. said Friday it has reached an agreement to include the U.S.-based bank Wells Fargo & Company in its mobile payment platform, speeding up efforts to promote Samsung Pay. Following the partnership, Samsung Pay users can make purchases using their Wells Fargo accounts. The South Korean tech giant earlier [...]
SEOUL, March 2 (Korea Bizwire) – A Korean government agency has ruled that suicide committed after long term depression should be considered as ‘suicide caused by disaster’, and accidental death benefits should be paid by insurance companies. The Consumers Dispute Settlement Commission (CDSC) in the Korea Consumer Agency ruled that accidental death benefits should be [...]
SEOUL, March 2 (Korea Bizwire) – The wage gap between South Korea’s small and medium enterprises (SMEs) and conglomerates expanded on-year in 2015, data showed Tuesday, reflecting the growing imbalance in compensation among salaried workers. According to the data compiled by the Ministry of Employment and Labor and Statistics Korea, employees at smaller companies only made 62 percent of [...]
SEOUL, Feb.28 (Korea Bizwire) – The launch of the third stage of a new program that allows customers to transfer bank accounts with the click of a mouse saw a flood of account inquiries. According to the Korea Financial Telecommunications and Clearings Institute (KFTCI), more than 390,000 account transfer inquiries were recorded. The numbers were [...]
SEOUL, Feb. 26 (Korea Bizwire) – U.S. hedge fund Elliott Associates denied allegations Friday over a possible breach of local disclosure rules regarding Samsung C&T Corp., stressing a series of processes for its Samsung stake purchase were “perfectly legal.” Elliott made the claim ahead of a prosecution probe on suspicions that it illegally “parked” its [...]
SEOUL, Feb. 26 (Korea Bizwire) – Choi Jung-in, a 33 year-old clinical psychologist, lived with two kittens in a studio in Seoul before the trio moved in with her parents in December. She fondly remembers her first cat, Mango, which she brought in last year, for helping her ease the feelings of loneliness when she [...]
SEJONG, Feb. 25 (Korea Bizwire) – The South Korean government will set up a consultative body comprised of state-run policy lenders and private financial firms to help local firms win more business projects launched by the Asian Infrastructure Investment Bank (AIIB), the finance ministry said Thursday. Policy lenders including the Korea Development Bank, the Korea [...]
SEOUL, Feb. 24 (Korea Bizwire) - South Korea’s financial authorities on Wednesday referred U.S. hedge fund Elliott Associates to state prosecutors for allegedly violating local disclosure rules when it tried to prevent a merger of two Samsung Group affiliates last year. The Securities and Futures Commission said Elliott abused the total return swap (TRS) system to [...]
SEOUL, Feb. 24 (Korea Bizwire) – The government plans to roll out new insurance plans reserved for electric cars around September, officials said Wednesday, in a move expected to help green car users pay less for premiums. The Ministry of Trade, Industry and Energy and the Financial Services Commission (FSC) were to sign a memorandum [...]